Business
Peloton Minerals and Frederick Private Equity Corporation Sign an Exploration Agreement with Joint Venture Option on Peloton's Silver Bell - St. Lawrence Gold Project, Montana
March 18, 2019 / TheNewswire / London, Ontario - Peloton Minerals Corporation ("Peloton" or the "Company") (CSE Symbol: PMC) (OTCQB Symbol: PMCFF) through its w
About this update from Peloton Minerals Corp.
[{"type":"text","content":"March 18, 2019 / TheNewswire / London, Ontario - Peloton Minerals Corporation (\"Peloton\" or the \"Company\") (CSE Symbol: PMC) (OTCQB Symbol: PMCFF) through its wholly owned subsidiary SBSL Subsidiary Corporation and Frederick Private Equity Corporation (\"Frederick PEC\") have signed an Exploration Agreement with a joint Venture Option (the \"Agreement\") on the Company's Silver Bell - St. Lawrence Gold Project (the \"Project\" or \"SBSL\") including an area of interest established around the Project which is located in the Virginia City Mining District, Montana. Under the Agreement, Frederick PEC may earn up to a 75% interest in the Project by spending a total of US$2,000,000 in exploration expenditures within six years and make annual option payments. SBSL comprises a 390 acre claim package located about 4 miles southwest of Virginia City in Madison County, Montana, and about 50 miles southeast of Butte, Montana. SBSL hosts two past producing gold-silver mines, the Silver Bell Mine on the west and the St. Lawrence Mine on the east. Both mines operated in the early 1900s and the St. Lawrence was reactivated and operated in the early 1980s. Historical production records are incomplete but available information suggests that historical production at the St. Lawrence was approximately 0.22 ounces per ton (\"opt\") gold and 3.8 opt silver. Smelter receipts for small shipments from the St. Lawrence indicate that some ore with much higher grades was shipped. For example, a smelter receipt from October 30, 1964 states that 8.027 tons were received grading 0.76 opt gold and 20.0 opt silver. Historical production at the Silver Bell averaged approximately 0.2 opt gold and 15.1 opt silver. The shafts for each of the former mines are located 3,600 feet apart and the exploration hypothesis is that the two mines shared mineralized systems that may in part be contiguous. Surface mapping and geophysical surveying by the Company support this initial hypothesis and may indicate extension of the vein system farther east along strike from the St. Lawrence mine. Peloton President Edward (Ted) Ellwood comments: \"It is well known that our company focus is on Nevada but at the same time, in my view, we have had this significant Montana asset in our portfolio that has not received due attention. I am really pleased that we were able to bring in a p...